Magic Microphones
How the Music World May Never Be the Same Again
Alan Ellis died twice.
But more on that later, because if Ellis has learned anything, it’s that the music always comes first.
It’s no secret that the music industry has been going in a downward slide since early in the new millennium. In 2000, record sales were at a high with nearly 10 million sales per year. Now, eight years later, three million seems like a benchmark, garnering applause and pleasant surprise. So what exactly happened?
“The future happened,” said Evan Serpick, a contributing writer to Rolling Stone Magazine’s music division. “There has always been a constant evolution of music formats. From vinyl to eight-track and cassette to compact disc, the medium has been evolving for ages … it’s no surprise that at a certain point the industry would evolve to the point where it made itself obsolete.”
Serpick’s statements are anything but radical; industry insiders themselves are admitting to the possible end of the road for major record labels. And while those same labels struggle to reinvent their methods and adapt to new business models, some wonder if, frankly, it’s just too late.
“The fact of the matter is that the [record] business is over,” said music attorney Peter Paterno. Representing artists ranging from Metallica to Dr. Dre, Paterno doesn’t fault the talent behind the labels — rather, he attributes this “end of the road” to a change in times. “The labels themselves really do have wonderful artists under their umbrella … the simple truth is that they just can’t make [any money] off of them,” he said.
The year 2007 saw a meager 500.5 million albums sold. While the number seems substantial, in comparison to the 1.35 billion sold just three years ago, it’s not hard to see what Paterno is calling “the end of the business.” Since 2003, 2,700 record stores have quietly closed their doors, while big chains like Tower Records and Sam Goody’s have gone out of business or filed for bankruptcy. In 2000, the 10 top-selling albums of the year sold a combined total of over 60 million copies.
But in 2007, the top 10 barely sold a combined 25 million copies — less than half of the 2000 sales records.
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